WP Energy Public Company Limited

WP.BK

Oil & Gas Refining & Marketing · Energy

Price

3.68 THB

+0.00 (+0.00%)

Market Cap

1.88B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 516.9M (2021) → 510.5M (2025)

WP Energy Public Company Limited is a Thai energy company that refines and distributes petroleum products. It sells fuels such as diesel, gasoline, and other oil-based products to industrial customers, commercial buyers, and retail consumers in Thailand. The company operates within Thailand's downstream oil and gas sector, which is heavily tied to global crude oil prices and domestic energy demand.

The company earns revenue primarily by buying crude oil or refined products, processing or trading them, and selling the output at a margin — a model that explains its very thin 4% gross margin, which is typical for fuel distribution businesses. WP Energy operates mainly in Thailand and is a mid-sized player in a competitive regional market dominated by larger state-linked refiners. Its negative operating margin signals that costs currently exceed revenues from operations, and the key risk going forward is its ability to manage the spread between input costs and selling prices in a volatile global oil market.

Winston Score History

Score breakdown

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Quality

Gross Margin

4.3%

Thin — 4.3% gross margin

Operating Margin

-0.0%

Losing money on operations — -0.0%

ROCE

-0.0%

Weak — -0.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-7.8%

Shrinking sales (-7.8% YoY)

EPS YoY

+9.3%

Earnings growing (9.3% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

299%

Turns 299% of profit into real cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (11.5 → 1.4)

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Dividends

Dividend Yield

8.15%

Healthy income — 8.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+88.3%

Dividend growing fast (88.3% YoY)

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